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  • PART III – Finance Companies and Restricted Licence Finance Companies

    • Article (33) Enforcement and Sanctions

      33.1Violation of any provision of this Regulation and any accompanying Standards may be subject to supervisory action and administrative and financial sanctions as deemed appropriate by the Central Bank.
       
      33.2Supervisory action and administrative and financial sanctions by the Central Bank may include withdrawing, replacing or restricting the powers of senior management or members of the board of directors, providing for the interim management of the Finance Company or the Restricted Licence Finance Company, imposition of fines or barring individuals from the UAE financial sector.
       

    • Article (34) Interpretation of Regulation

      34.1The Regulatory Development Department of the Central Bank shall be the reference for interpretation of the provisions of this Regulation.
       

    • Article (35) Publication and Application

      35.1This Regulation shall be published in the Official Gazette in both Arabic and English and shall come into effect on the day of its publication.
       
      35.2From the effective date of the Regulation, any person who is engaged in Financing activities and is not licensed by the Central Bank, must within ninety (90) days, apply to the Central Bank for a License or immediately cease undertaking all Financing activity.
       

    • Article (36) Transition Arrangements

      36.1The Central Bank may, at its sole discretion, and on a case by case basis, approve transitional arrangements for License applicants/Licensees to come into full compliance with the Regulation.
       

    • Article (37) Cancellation of Previous Regulation

      37.1This Regulation repeals and replaces the following Central Bank Regulation:
       
      a.The Finance Companies Regulation issued via Circular No. 112/2018, dated 24/04/2018.